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Author: Bond Dealers of America
The Street – Obama’s Muni-market Tinkering Could Ding Everyone
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The Bond Buyer: Obama’s Budget Again Includes 28% Cap, Buffett Rule
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BDA's Reaction to President Obama's FY 2014 Budget Plan
The Bond Dealers of America (BDA) is concerned about the market impacts of the proposal in the Administration’s FY 2014 budget plan to limit the value of interest earned on municipal bonds to 28 percent, and warned that sequestration may harm the perception of new direct-pay bond programs like the proposed America Fast Forward bonds.…
United States Senate Confirms Mary Jo White as Chairman of the Securities and Exchange Commission
White’s confirmation was widely expected and follows last month’s 21-1 approval by the Senate Committee on Banking, Housing & Urban Affairs. White will serve the remainder of the term vacated by Mary Schapiro, who stepped down as SEC chairman in December. The term runs through June 5, 2014.
BDA Submits Comment to FINRA on Proposed Rules Governing Markups, Commissions and Fees
BDA’s comment letter focused on the following: Definition of prevailing market price Maintaining QIB exception Lack of Objective Enforcement Standards in determining a markup Spreads for distressed bonds are higher than for non-distressed bonds You can view the full comment letter [here.] View BDA’s letter on the initial markup proposal [here.]
In the News: Dealers, Bond Lawyers Urge MSRB to Enhance EMMA, Clarify Regulation
In its letter to the MSRB regarding Annual Planning for 2014, the BDA said, “Considering that the MSRB is the sole regulator governing the municipal markets, we urge the MSRB to apply both formal and informal influence on the SEC to issue a final definition of municipal advisor. We believe it is most important that…
BDA Submits Comment Letter on MSRB Fiscal Year 2014 Annual Planning
The BDA believes MSRB’s priorities for fiscal year 2014 should be as follows: Enhance the User Capabilities of EMMA Advance Municipal Advisor Regulation Focus on Cost-Benefit Analysis in Rulemaking Further Clarification of MSRB Rule G-17 Disclosure Requirements MSRB Rule Language Should be More Objective You can view our full letter [here.]
BDA In the News: Mike Nicholas Talks About Fight to Preserve Tax-Exemption
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BDA Submits Statement to House Committee on Ways and Means: Focuses on Importance of Tax-Exempt Municipal Bonds
BDA’s testimony focuses on the vital importance of maintaining the tax exempt status of municipal bonds and the potential impact on the municipal market, investors, and issuers if the tax exemption for municipal bonds is altered, replaced or eliminated. View the full statement [here.]